Never mind the important stuff going on in the world, all that anybody wants to talk about today and tomorrow and Friday is the “spectacle, media event and cultural moment” (Max Wolff) known as theFacebook IPO. We want to know who’s buying! We want to know who’s selling! We want to know what advertisers are thinking! We want to know what old people are thinking! We want to parse the relationship between IPO investors and brand-name puppets!

Should you buy FB? All the media advice – even Jim Cramer – says no, but an impressive 18% of Felix’s readers say that they’re seriously considering it. And surely Felix’s readers are smarter than Jim Cramer! If you try to value Facebook, you’ll never end up at $35 per share, but that just proves that this isn’t a trade for DCF jockeys. Besides, speculating on Facebook is much less boring thanbuying an index fund. When was the last time you saw an ETFvalued in Whoppers? One thing’s for sure: If you’re half as sick of Facebook as we are, at this point, just don’t consume any media for the next three days. It’s only going to get worse.

Politicking
Never let a fiasco go to waste: John Boehner threatens a debt ceiling do-over – WashPoEzra: This time around, it’ll be much more than just a debt ceiling crisis – WashPoStates decide to use mortgage settlement aid meant for homeowners for things that won’t help homeowners – NYT

EU Mess
There’s not yet a run on Greek banks, but it’s getting awfully close – Reuters

ChesapeakeAubrey McClendon may also be distorting ticket prices at the Oklahoma City Thunder – CNBC

Stuff We’re Not Linking To
For the rich who don’t want to be confused for the smart, diamonds are the new stocks – CNBC
President Obama has a JPMorgan Chase checking account with money in it – Politico